Recognise Bank 5 yr 2% interest rate

OwlsBarbara

I saw I saw an article on a financial page saying that Recognise Bank were offering 2% interest on a fixed 5 year account. Has anyone looked into this? 

refluxer

I don't have any personal experience of Recognise, but it at least has FSCS protection and is currently at the top of the MSE 5 Year Fixed Rate table.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#5yrfixtable

OwlsBarbara

Thanks, I’d looked but obviously with my eyes shut!! Good to know that MSE knows about it, might well have a punt, thanks

ColdIron

2% might look a bit sad in 2 years time with 3 to go. Consider CPI inflation is 3.2% and looking to rise and the general upward direction of savings rates in the last few months. I'd be happier with a 1 year fix and review in a year

inflationbuster

2% is a joke I'm earning 7% on equites 😂

jimjames

With the way inflation is going I think 2% will be beaten by many accounts in much less than 5 years. I'd be very cautious tying up at that sort of rate for so long. As above if you don't need the money for 5+ years is investing some or all of it an option?

Daliah

OwlsBarbara said:

Thanks, I’d looked but obviously with my eyes shut!! Good to know that MSE knows about it, might well have a punt, thanks

With all due respect to MSE and the MSE Forumites, whether an account is known or not on MSE shouldn't be your criterion. What is important is whether the account has got FSCS protection as it is FSCS who are deciding whether you get compensation in the case of failure, not MSE.

Albermarle

Daliah said:

OwlsBarbara said:

Thanks, I’d looked but obviously with my eyes shut!! Good to know that MSE knows about it, might well have a punt, thanks

With all due respect to MSE and the MSE Forumites, whether an account is known or not on MSE shouldn't be your criterion. What is important is whether the account has got FSCS protection as it is FSCS who are deciding whether you get compensation in the case of failure, not MSE.

As I understand it MSE only ever list savings institutions with FSCS cover . Quote from MSE 
Every bank we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust

aroominyork

inflationbuster said:

2% is a joke I'm earning 7% on equites 😂

And that's the kind of insightful comment you get on a forum for "savings and investments".